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Billionaire Ashley Buys House of Fraser for $115 Million

By Tony Seruga

Ashley’s Sports Direct rescues U.K. department-store chain
Deal comes after 169-year-old retailer began insolvency talks

U.K. billionaire Mike Ashley swooped in to rescue the House of Fraser Ltd.department-store chain for 90 million pounds ($115 million), staving off collapse for an anchor of the country’s troubled shopping districts.

Ashley’s Sports Direct International Plc agreed to acquire the 169-year-old retailer’s U.K. stores, brand name and inventory. The move came after House of Fraser, which employs 17,000 people directly and through contractors, on Friday went to court to seek protection from creditors…

Billionaire Ashley Buys House of Fraser for $115 Million

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